This essay answers the “Bayesian Challenge,” which is an argument offered by Bayesians that concludes that belief is not relevant to rational action. Patrick Maher and Mark Kaplan argued that this is so because there is no satisfactory way of making sense of how it would matter. The two ways considered so far, acting as if a belief is true and acting as if a belief has a probability over a threshold, do not work. Contrary to Maher and Kaplan, Keith (...) Frankish argued that there is a way to make sense of how belief matters by introducing a dual process theory of mind in which decisions are made at the conscious level using premising policies . I argue that Bayesian decision theory alone shows that it is sometimes rational to base decisions on beliefs; we do not need a dual process theory of mind to solve the Bayesian Challenge. This point is made clearer when we consider decision levels : acting as if a belief is true is sometimes rational at higher decision levels. (shrink)

This paper contrasts the value maximization norm of welfare economics that is central to law and economics in its prescriptive mode to the Aristotelian/Aquinian principles of Catholic social thought. The reluctance (or inability) of welfare economics and law and economics to make judgments about about utilities (or preferences) differs profoundly from the Catholic tradition (rooted in Aristotle as well as religious faith) of contemplation of the nature of the good. This paper also critiques the interesting argument by Stephen Bainbridge that (...) homo economicus bears a certain affinity to fallen man, and that law and economics thus provides appropriate rules for a fallen world. From a Catholic perspective, the social vision of neo-classical economics and its progeny (welfare economics and law and economics) rests on a concept of human autonomy and a utilitarian concept of pleasure inconsistent with the Aristotelian and Aquinean concept of virtue and the conception of civic happiness articulated by Antonio Genovesi and other Catholic economists. (shrink)